Are we insolvent?
Date: Tue, 03/29/2011 - 21:06
I received a debt settlement offer for significantly less than I owe. I want to accept the offer and pay the amount but, I'm worried that i might have to pay the taxes on difference.
My assets and my debts are pretty equal, give or take a few dollars except for my wife's Sweden-based student loan that totals about 100k. If we count that then we are certainly insolvent.
Question:
Can we count student loans held/owed in another country that we are currently making payments to?
Thanks.
My assets and my debts are pretty equal, give or take a few dollars except for my wife's Sweden-based student loan that totals about 100k. If we count that then we are certainly insolvent.
Question:
Can we count student loans held/owed in another country that we are currently making payments to?
Thanks.
If the creditor forgives your debt, then it will be considered a
If the creditor forgives your debt, then it will be considered as your income and you'll be liable for paying the taxes to the IRS. I don't think you'll be able to count the student loans that are held/owed in some other country.
